UPI Explained: 24 Billion Payments a Month and the Push to Go Global
How India's UPI handles 24 billion payments a month, why its overseas footprint is still tiny, and what the NIPL export playbook really looks like in 2026.
Payment Rails
UPI, SWIFT, FedNow, Pix and more. 7 researched stories with sources, key takeaways and FAQs.
7 Payment Rails stories
SWIFT in 2026: ISO 20022, a Blockchain Ledger and the Last-Mile Gap
SWIFT finished its ISO 20022 cutover, is building a blockchain ledger with 30+ banks and gets 90% of payments to banks in an hour. The last mile still lags.
FedNow and RTP in 2026: Why US Instant Payments Are Slow to Catch On
FedNow settled $274.7 billion in Q2 2026 and RTP moved $1.3 trillion in 2025, yet ACH still dominates. Why US instant payments remain a business tool.
M-Pesa and Mobile Money in 2026: $2.1 Trillion and the Border Gap
Mobile money moved $2.1 trillion in 2025, two-thirds of it in Sub-Saharan Africa. A look at M-Pesa, the GSMA data and why cross-border flows still lag.
What Are Payment Rails? Cards, ACH, RTGS, Instant and Blockchain
A plain-English guide to payment rails: how card networks, ACH, wires, instant systems, mobile money and blockchains move money, with a speed and cost table.
Open Banking 2026: UK, EU, US Rule 1033 and India's Account Aggregator
UK open banking passed 1 billion payments, the EU agreed PSD3, the US 1033 rule is on hold and India's Account Aggregator hit 45 crore consents. A comparison.
Project Nexus: How UPI and Asia's Instant Payment Systems Will Connect
Project Nexus links instant payment systems in India, Malaysia, the Philippines, Singapore and Thailand. Who runs it, how it works and when it goes live.
- Correspondent bankingGlobal reach, highest cost1 to 5 business days
- ACH and batch transfersCents, business days onlySame day to 3 days
- Card networksAbout 1.59% average to US merchantsSeconds to approve, 1 to 2 days to settle
- Instant systems (UPI, Pix, FedNow)Mostly domesticSeconds
- Stablecoins on public blockchainsGlobal, needs on and off rampsSeconds to minutes, 24/7
FasterSlower
Source Nilson Report 2025 card fees; Nacha; Federal Reserve; NPCI; BIS. Bar length shows relative settlement time.
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